tv Street Signs CNBC September 1, 2017 4:00am-5:00am EDT
welcome to "street signs." i'm gemma acton. these are your headlines president trump's team fights to cut taxes. treasury secretary steven mnuchin talks exclusively to cnbc on just how low they want corporate rates to go. >> the president made very clear that that was our goal during the campaign when we came out with a plan earlier in the administration, we said that our objective is to get down to 15%. wherever we end up the objective is to get a competitive business rate
the eu's top negotiator says progress is slow on brexit talks. his british counterpart claims the uk is showing flexibility. we're live from brussels with the latest in tokyo, british prime minister theresa may secures a deal with japan for trade ties after brexit music to vivendi's ears. shares are on course for their best day in four months as impressive sales of smash hit despacito boosts revenues for subsidiary umg welcome to the show. we'll kick off with some breaking news. we have the euro area august manufacturing pmi out. it's come in at 56.6 having been forecast at 57.4 so we're looking at a slight miss there try to bring you more details on that but for now that's all we're
getting. once again, that came in at 56.6 after a forecast of 57.4 let's look at how the stock markets have opened today. we're seeing more green than red on the board so, another positive day it's not going to be enough to help the markets overall this week we saw they did indeed -- european stocks closed down for a third consecutive month yesterday after taking quite serious losses at the start of the week let's look at how they're trading across europe. the individual bourses the xetra dax is up by 0.6%. but the cac 40 is in the lead up around 0.8%. let's look at which sectors are moving markets higher. it looks like media as we mentioned earlier. vivendi boosting media stocks, up over 1% it's broadly positive across the board. the only sector looking soggy is telecoms, down by 0.1%
everything else keeping its head above water as we move into the end of the week. let's bring you some of the top stories from the market moving stocks today volvo set new financial targets saying it is now aiming for an operating margin of above 10%. years of cost cuts and efficiency gains helped the automaker to drive increased profitability. vivendi reiterated its full-year outlook after posting better than expected core earnings in the second quarter the firm cited a boost in sales in universal music group thanks to the record breaking single "despacito." liam fox said the uk will not be blackmailed by the eu over its brexit bill in order to start trade talks. the british international trade secretary made the comments in japan where he is traveling with prime minister may this follows a tense end to the third round of brexit talks in brussels
we're joined by cnbc's willem marx who is on the ground in brussels good morning people are saying negative noises about how the talks went. are we right to be so negative is there just a lot of political grandstanding going on here? >> as ever, it depends on who you listen to michel barnier yesterday, the chief eu negotiator of brexit, said he did not see significant progress during the last few days of talks. david davis said he had seen some concrete progress one of the big sticking points remains this divorce bill over the british departure from the european union, that brexit bill the europeans put forward methodology in july. the british are not done, over the last few days they advanced a series of legal arguments, gone through the numbers line by line they're not numbers yet. let's listen to what michel barnier had to say about the financial obligations before, during and after brexit. >> eu taxpayers should not pay
for obligations undertaken in 28 it would not be fair in july, the uk recognized that it has obligations beyond the brexit date. but this week the uk explained that its obligations will be limited to the last entertainment to the eu budget before departure yet we have joint obligations towards third countries. for example we have guaranteed long-term loans to ukraine together after this week, it is clear that uk does not feel legally
obliged to honor its obligations after departure. >> michel barnier repeatedly said the uk lacked clarity on its position this is one position where he's claiming a bit of backtracking by the british we heard from boris johnson and theresa may in the past and david davis about the moral obligation britain has, and paying the right amount of money will be helpful for them when it comes to forming a new partnership with the european union. we heard from david davis yesterday. his team has gone through the methods, these assumptions line by line that the europeans put forward, he seems to think though there's no progress on it, it's something he feels owe blik obliged to do. >> on the financial settlement, the commission set out its position, and we have a duty to our taxpayers to interrogate it rigorously at this round we presented our
legal analysis on on-budget issues, off-budget issues and on the european investment bank. it's fair to say we have a different legal stance but as we said in the article 50 letter, the settlement should be in accordance with law and in the spirit of the uk's continuing partnership with the eu i'll repeat that phrase. in accordance with law and in the spirit of the uk's continuing partnership with the eu michele and i agreed that we won't be making incremental progress on this in every round. i think this round demonstrates that we succeeded in building mutual understanding but there are still significant differences to be bridged >> so neither side seeing a huge amount of progress on that idea of the divorce settlement. both sides have said there is significant progress on ireland and the northern ireland border. that's one of the key issues they want to get through before
october, before michel barnier can claim substantial progress has been made and they can move on to the future relationship. another sticking point is eu citizens rights. there has been movement from the european side. they will allow british citizens living on the continent to claim healthcare rights, and positive movement on the jurisdiction on the european court of justice in the uk looking forward after brexit departure this transition period that both sides have been talking about will mean any assumptions about the finances and the divorce settlement will have to be worked through, looking beyond the brexit departure point that's clearly something that both sides will discuss in the next round of talks next month >> willem, thank you very much for bringing us the update from the three-day negotiations for the third round in brussels. let's keep in the eurozone and look at manufacturing activity factory activity rose to 57.4 in
august with export orders rising to the highest level since february 2011. earlier we spoke to jean-claude trichet and asked if the european recovery was on track >> it is sticking up now very, very vivisibly, and i hope for a long period of time. there's a lot of positive in this respect we see that we have created 6 million jobs over the last three years. things are going well in all dimensions >> let's do some analysis of what's going on in the eurozone. to do that i'm joined by the head of cio european macro nicks at ubs wealth management good morning look, obviously brexit negotiations are an important factor for the eurozone. similarly what's happening with the fx rate, but also another key, key thing to watch is the
german elections could you give us your view on what you think the outcome of these elections is going to be >> yes i mean, in germany they're just about to finish which means a lot of the population, 42% of the voters will make up their minds in the coming weeks. the voters can check their beliefs with the manifestoes over the parties, and choose the party they want to vote on 2.5 million voters already are doing that in the first 24 hours. this morning was over 4.5 million. we think with the tv debates, people will start to make up their minds and we'll see this in the polls in the week or two after that so far we're seeing very little
in the polls we stick with the belief that angela merkel will remain in powe power. >> we are look at the german elections closely with regards to what will happen with greece in the future and course of the bailout. could you give us your take on the election outcome for greece? >> from the greek perspective, i would say coalition partners are key. there are very different outcomes, that's why we think from a greek perspective the fdp's performance has to be watched closely. we think even if the fdp would
make it with the cdu above 50%, that, yes, germany would take on a more conservative tone towards periphery including greece but that the debt relief in summer 2018 would still take place, even with tougher terms for greece >> ricardo, tell us briefly as we are coming up to a break, what does this mean for your view on how investable greek bonds are at this point? >> investment grade bonds. yeah for investment grade bonds in the eurozone, keet the key is tb outlook. the euro/dollar exchange rate was mostly flat. nonetheless it hit 1.20 this week so we'll have to see what this means for the rate expectations, policy rate expectations out of the ecb. we have the press conference
next week. we believe that the euro/dollar has crossed a line, a red line with 1.20, and this will trigger policy reaction from the ecb what does this completely mean it means that the normalization of policy will take longer than expected the program is reaching its limits, we should not forget that the ecb has all the tools still in the arsenal and policy rates the ecb could postpone the timing of the first rate hike to respond to that. >> ricardo, stay with us that was ricardo garcia from ubs wealth management. we'll talk to him shortly again. get in touch us with on twitter. follow us on streetsignseurope@cnbc or get in touch with me directly,. > coming up, donald trump staked his reputation on his
no one else lets you do that. see how much you can save when you pay by the gig. xfinity mobile. it's a new kind of network designed to save you money. call, visit, or go to xfinitymobile.com. theresa may concludes her three-day visit to japan today having secured a commitment from shinzo abe's government to work quickly to establish a trade deal when the uk exits the eu. cnbc's akiko has the details >> theresa may got a agreement from shinzo abe on a trade deal.
they did not specify what the new partnership would look like, largely because the uk's hands are tied until those brek taxit talks wrap up in 2019. and japan is hammering out its own deals with the eu and tpp. the two leaders did show a unite the front on north korea they said they would enhance their security cooperation we heard the british prime minister say she agreed with shinzo abe about the need to increase the pace of sanctions implementation there's little known what japan is going to do in light of the recent missile firings we asked what it means when the government says all options are on the table, and whether that includes dialogue and u.s. military action.
>> in theory, military action and dialogue included in the so-called all options, but it is common knowledge that the japanese armed forces cannot get in engaged in offensive action of any kind to north korea dialogue also may be one of the options. way down the road. but now is the time for the member nations and the international community to pressurize more. >> all of this comes as the japanese government looks to boost its defense spending for a sixth straight year, specifically they're looking to invest 1$1.6 billion in new missile defense technology when you add that up, that would boost the broader defense budget to 2.5%, $48 billion. that increase prompted concerns over in china. we heard from the foreign ministry saying all sides should remain highly vigilant over
japan's actions and real intentions we think japan should explain its intentions to the international community. >> let's bring you more news out of asia. with china's caixin pmi grew at the fastest pace in six months the strong data comes on the back of a boost of export orders which hit a seven year high. total new business soared to the highest level in more than three years. investors will receive fresh insight into how the american economy is performing when the u.s. bureau of labor statistics releases its latest batch of non-farm payroll data later today. the consensus estimate is for the u.s. economy to have added 179,000 jobs in august, down from 209,000 in july
ricardo garcia from ubs wealth management is still with us. love to get your take on what you expect to see this afternoon out of the u.s. job data >> our expectation for the u.s. is continued solid growth. we expect non-farm payrolls to bring 190,000, above the consensus mentioned of 1 80,000. >> and we see a string of positive data this week out of the u.s., surprisingly on the upside with the gdp and adp numbers. what does that mean for the trajectory of the u.s. economy do you think >> yeah. our expectation is of 2.2% growth in the u.s. that should remain unchanged next year, even though we expect more rate hikes by the federal reserve we expect two for the next three years.
the labor market continues quite strong we have to take into account the change in the direction of the labor participation rate, which means the labor progress that we'll see this afternoon and in recent months is actually of higher quality than we've seen in recent years. >> we see continued dollar weakness i think six months in a row that the dollar closed lower against a trade weighted basket of other currencies what do you see as the trajectory given your above-market expectations for rate hikes for the u.s. dollar between now and the end of the year >> yeah. we think the big game changer or the needle in the wind is the european central bank. the market increased its expectation for the end of the asset purchase program we will see more details about that next week in the press conference i think the big issue is that the market doesn't believe that the ecb has more ammunition in store, it will be hitting the
limit next years forring it ir forcing it toned te ing iing it. mario draghi will have to basically walk a fine line between talking down the euro, but at the same time building a bridge for a policy decision in october. very interesting press conference >> rick card mario draghi and he have been complaining about the lack of structural reforms carried out by eu governments. we saw some steps towards that yesterday with the french government announcement of the package of labor reform measures could you tell us what kind of game changer you think this could be for the eu? >> i think the key point about the french reforms is the leverage france and mckron are
g macron are getting over the governments. macron has to deliver obviously. if that's thecati case and our expectation, we think germany will agree on stepping up the european integration structural reforms are important. we should not forget european integration and there's a talk about important changes, the eurozone finance minister with the eurozone budget, turning into a european monetary fund. this is more than we could dream of one or two years ago. the condition is what the market delivers in labor reform and also on fiscal discipline which has been a weakness in recent years under the prior government >> we're coming up to the break, let me ask you very quickly. we've seen three consecutive negative months for european stocks do you expect that to turn around in september?
>> it's difficult. european stocks are suffering from euro strength to give you an example, 50% of eurozone companies come from abroad, 10% higher exchange rate means 5 that 5% less earnings per share. with that in mind investors will wait to see what the ecb will do and what that will mean for the exchange rate. we think the ecb will hold against the euro that should help to stop the downtrend in the eurozone stocks, but after september. >> thank you very much ricardo garcia from ubs wealth management coming up, laura d' andrea tyson will be with us after this short break.
. welcome back to "street signs. i'm gemma acton. these are your headlines president trump's team fights to cut taxes. treasury secretary steven mnuchin talks exclusively to cnbc on just how low they want corporate rates to go. >> the president made very clear that that was our goal during the campaign when we came out with a plan earlier in the administration, we said that our objective is to get down to 15%. wherever we end up the objective is to get a competitive business
rate the eu's top negotiator says progress is slow on brexit talks. his british counterpart claims the uk is showing flexibility. we're live from brussels with the latest in tokyo, british prime minister theresa may secures a deal with japan for trade ties after brexit music to vivendi's ears. shares are on course for their best day in four months as impressive sales of smash hit despacito boosts revenues for subsidiary umg we have uk pmi data crossing the screens now. uk august manufacturing pmi, 58.4 verse july's 55.8 that's reached a seven-month high for the autos
looking at a revised figure as well for july, 55.3. so looking at a strong above expectation result here for uk pmi. let's look at how 4 x is doing we're seeing the u.s. dollar against sterling is basically flat very little movement in cable. with regards to most of the currencies, we're seeing very little change. the only place we're seeing some movement is the u.s. dollar against the swiss franc up 0.16%. euro slightly down, moving down from the level it got to this week let's look at how european markets opened this morning. they took their positive queue from wall street over night. looking at the cac 40, really largely driven by vivendi and media stocks the ftse 100 up less than a
quarter percent so far this morning. that is the weakest across the board. let's look at what this means for u.s. markets we see again a positive open implied across the board, looking at 40 points higher for the dow jones. let's move on and look at steve sedgwick who is with us, good to see you were washed away in lake cuomo, you are in those torrid conditions >> jean-claude trichet, whatever you may think about him, what a hero lord laura d'andrea tyson joining me a former guest host on many occasions on "squawk box" europe how are you?
>> i am fine i am fine. >> as i say, i will cut this short. one thing rhyme noi'm noting, economically people are optimistic about what we're seeing as the green chutes geopolitically people are worried is that what you're feeling? >> that seems to be the case if you look at the numbers, if you look at the countries, you have a strengthening in many parts of the ocd global economy. you see strength around the world. so there is a lot of optimism about the short to medium term economy. you see it reflected in financial markets. at the same point everyone looks to north korea they look at potential of a trade war between the iru.s. and china. those are geopolitical uncertainties that have implications and risk.
>> an eminent politician and experienced diplomat just listed all the potential crisis we talked about it off-camera. it could be north korea, it could be the himalayas, china, india, pakistan, iran, saudi arabia, the u.s. one thing that person said was concern about when a rising power meets a dominant power, talking about china and the u.s. here should we be more worried economically and in the markets about what is going on geopolitically >> right now i see the geopolitics for the markets as the possibility of some kind of shock. so the tension between a rising power and an existing power are long-term and they play out in a variety of ways. we have the war of words between
north korea and the u.s. the requirement really that the u.s. work with china on north korea. that's where you get that rising power and existing power issue we have got to work with the rising power but i think for the markets now and the economic outlook, it's as if the issue is are there going to be big global shock what economists think come geopolitically >> what is known is that there is a stunning amount of debt in the united states, in china, in the globe, whether it's corporate, personal, or state. and a normalizing rate scenario which we want to see on this side of the atlantic and in the united states as well. could that not be shock as well? >> i personally don't think so i think that the debt problem is something that i believe we can work through gradually i believe that we can work
through the normalization of central bank balance sheets gradually. i believe that the central banks around the world have been very wise in terms of keeping their interest rates low, being accommodating to get the global economy to this place. and now we'll in a gradual way begin to normalize >> you were president of the economic council and chair of that for mr. clinton how concerned are you about mr. tru trump's policies if you are concerned what worries you the most >> the big agenda for the sfal trying to move on tax reform i have a lot of sympathy for the need of tax reform in the united states including business tax reform there is a desire to move forward on infrastructure investment that's the right thing to do the issues are can we get agreement. w because there is the issue of the debt limit, the issue of --
the federal government debt limit, the threat of closing down the government. now paul ryan has been clear there's no intention, no interest, no desire to close down the government. president trump has used the threat to say i want that wall so there is a lot of uncertainty in the policy making process in congress between the administration this fall >> laura, we put up with thunder, we put up with lightning. >> i think we got some hail. >> i will end this now, i think before we get deluged again. laura d'andrea tyson professor at uc berkeley, pleasure speaking to you. back to you in the studio. >> big thank you to you and our guests for braving those conditions i'm sure it's not heard what any of you signed up for let's stay in the u.s. treasury secretary steven mnuchin says a weaker dollar has put the u.s. in a better position on trade. he said there were "obvious
positive and negative effects the weaker greenback >> reporter: the secretary said the administration aiming for a reeve knew ne revenue neutral bill, and that would depend on how much growth the joint tax committee ascribes to the tax cuts. mnuchin playing down apparent differences between the federal reserve and the administration on the critical issue of changing the post-crisis bank regulations. >> i had breakfast with the fed chair yellen this morning. we meet on a weekly basis as have previous treasury secretaries in the fed and we have a very constructive dialogue on a lot of issues including regulation and one of the areas we are focused on working on with the fed is fixing the volker rule. but i think as you've seen the treasury put out a report on what we believe are regulatory changes i would say 70% or 80% of them we can work with the regulators. we have a working group on
and the balance we'll need congressional support for. >> speaking about issues on the highlights of the interview, he said the debt ceiling will still be hit september 29th. aid for hurricane harvey victims and areas could have an impact on when they hit the debt ceiling. he's working with the financial regulatory reform and has not decided on whether to put harry tubman on the $20 bill finally mnuchin seemed to back the idea of a market determined dollar dent talk it up or down. he said over the long-term a strong dollar reflects market sentiment about a country's underlying economy, doesn't cause it. mark talker will join the hsbc board today we have more on this story i'm looking at the results for hsbc recently.
most eventually as of monday, it shows a remarkable turnaround at the bank largely attributable to the ceo stuart gulliver. who will they get to fill those shoes? >> mark tucker has announced that's one of the first tasks he will be thinking about once he takes on the role on october 1st. in terms of a replacement for stuart gulliver, it's not easy to find a candidate. many internal names have come up including the head of the investment bank, the head of the retail bank. but also similar to the way mark tucker himself was an outsider coming to the job, apparently they're considering external candidates for the chief executive role >> mark tuck hear had a long and illustrious career, a lot centered around asia what are the implications of his appointment for the bank strategy >> it's worth bearing in mind 45% of hsbc's revenues are
derived from asia. from that perspective he's well placed, given his knowledge of the reej gion and that he saw oe of the largest ipos ever in that part of the world in 2010 while he was at the helm of aia. from that perspective he has the right qualifications. >> given the focus of the bank, their pivot to asia strategy is one he's well paced for. >> what are the implications for hsbc's share price, with gulliver's time at the helm and the outgoing chairman. they both were appointed around the end of 2010. since then we have seen about a 13% rise in the share analysts d >> prior to 2015, things were popg up shg
popping up, as a result, flynn and gulliver had to make many public apologies and have since then tried to turn things around a bit. sort of break away, draw a line in the sand and working on restructuring units. what they've done since 2015 is significant cost cutting measures they cut about 50,000 people from the work force. going forward i think the focus is going to be on how they can improve their return on equity and improve their revenue profile essentially. >> thank you very much best of luck to mark tucker with his new job today. shares in indivior have fallen to the bottom of the stoxx 600 in response to an unfavorable legal ruling a u.s. judge decided that a generic drugmaker's proposed opioid treatment would not infringe on any indivior
patents. rescue efforts continue in texas as tropical storm harvey plagues the u.s. state more on harvey's impact after this break your brain is an amazing thing. but as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. the name to remember.
south korean and japanese fighter jets conducted a joint exercise with u.s. troops near the korean peninsula after tensions hit a new high following north korea's firing of a missile over japan. chery kang has the latest for us from seoul >> reporter: south korea is trying to keep its balance the country's presidential office says the country will not be bringing back the u.s.
nuclear defense. the thinking seems to be it does not want to further escalate tensions with north korea as well as other neighboring countries. china is already upset over the thaad deployment the moon administration wants to engage with north korea diplomatically and de-nuclearize the regime so bringing the u.s. nuclear defense to south korea may not be helpful for such arguments. in the meantime a lot of media attention as well as sentiment over worry as other neighboring countries such as japan are making moves in this regional build up of arms back to you. the death toll from tropical storm harvey which has devastated large areas of texas and louisiana has risen to 44. severe flood hag forcing has fo than 1 million people to flee their homes.
rising rivers had one hospital evacuate staff and patients. near houston a series of explosions shook a chemical plant as floodwaters swamped the facility the economic costs of harvey could be one of the highest in american history, at around 51 billion$71 billion jay gray has the latest. >> reporter: it's been a full week now and in some parts of southeast texas the water is still rising. >> it's really deep. it's above your chest. >> reporter: survivors are using anything they can to save anything they can. while rescue teams continue to save lives >> i thought i was going to die. i really thought i was going to drowned. everything in my house was floating. >> reporter: in beaumont -- >> the sickest ones will go
first. >> reporter: patients were pulled from a hospital. >> she is a dialysis patient they don't have water. >> reporter: in places where water is receding, first responders are going door to door trying to understand what's happened here. >> this is it. about everything we own was destroyed. overwhelming you don't -- if you stop, you'll just cry you know so you just keep moving forward. >> reporter: so they tear away the sheetrock, pull up the flooring, pile up the soaked rep thanes of their lives before the storm. understanding as bad as all of this looks, it could be so much worse. >> i'm so grateful we're here and all alive and together these are just our possessions but this is my family. >> reporter: a bond that will be so vital as they begin the difficult recovery here. jay gray, nbc news, houston.
hush cane hrricane harvey h impact on the oil sector it's off by 1% for brent crude, and wti off by just over 1%. wti crude finished down around 6% for the month of august, the worst result sense march of this year the opposite story for gas, which was up 27% during the month of august. let's switch tact entirely and talk about the iaf trade show in berlin where some of the biggest players in consumer electronics are showing their latest tech. wearable devices, augmented reality and voice assistance are key this year, product launches have come from lg, sony and samsung. arjun joins us from berlin i know it's really hard to blow you away with tech gizmos and gadgets because you see so many. has anything improsed you this
year >> there's been interesting developments around wearables and augmented reality, but the main theme is connectivity that's across all sectors from driverless cars, the internet of things, the home here to talk that is the ceo of harmon i want to start off quickly by talking about the acquisition by samsung nearly six months ago. jim cramer said that was a dynamite deal. talk to me about how this integration is going >> it's all about scale of r&d, scale of channels and scale of innovation i'm very excited it's only been six months, but we have so many successes. we just launched the samsung s, the note, tablet, and we have a lot of joint r&d for the next generation of audio and video o
emergence. we have the smart home hub what harmon could not do as an independent company, now we can do with this 2$200 billion gorilla in technology. >> speaking about smart hubs, i was speaking to d.j. koe last week he said samsung will bring out a smart speaker is that something you're working on together >> i'm proud to say that we have provided the best quality sound, the brand and the design for google, for microsoft, for amazon, and we did it for baydu, so we will do something fantastic for samsung. artificial intelligence is one thing, the most important thing is sound quality that's what harmon is known for, and that's something we don't want consumers to sacrifice.
>> let's talk about the connected car and the future of driverless cars. what are the trends here what is the technology you're bringing to the market when it comes to the car space >> harmon has been well established play ner connected c car and connected car audio sound management we have been working towards intelligent assistance in the car, ai, deep learning, we just multiplied the force here, and now we will be developing and launching open platform for functional safety and highly automated car driving experience this is a journey. we're talking 5, 10, ta ye20 yes we have cooperation with leading auto americ automakers, we have talks
ongoing. there are organic steps we will make but the best thing is collaboration. we have great collaboration with google, microsoft and samsung. these forces will create the ultimate solution at home on the go office and in the car i call it totally connected life we saw samsung get a license to try driverless cars in california can you tell us about your part in that? >> harmon has been involved in driverless cars, and samsung has micro technologies, the sensors, displays, and also ai. we're bringing it altogether we'll start to do some tests safety is paramount in automotive world i invite you to come to ces. we'll show you some unique aspects of integrated and highly automated level 3 and level 4 type of environment and automated cars >> there's still a lot of roadblocks to driverless cars
coming to market for you what are the challenges at the moment for driverless cars when do you think we're likely to see these cars go mainstream? >> the number of things here, we see a lot of green chutes. artificial intelligence is not new. getting traction in automotive or aviation space is a new ball game it's not consumer electronic, it's very different. here you have life and death situations that's where harmon understands very well. number two it's the connection, the internet, the speed, the 5g 5g will help us bring terabytes or next generation, the data upload and download. third thing is how do you keep the cars future proof. a lot of software getting updated on a daily basis we have made an investment in harmon 25 million cars today are
getting updates including tesla using harmon so businesses are coming together so you will see harmon will take leadership position in bringing safe, secure connected car which will be highly automated, including driverless >> thank you very much back to you guys in the studio >> thank you very much for that exciting news. let's look at how u.s. futures are trading. trading up, taking positive queue from asia and europe tune in to our coverage on monday and make sure to keep on cnbc for our first interview with the prince of saudi arabia. "worldwide exchange" is up next. who knew that phones would start doing everything?
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a developing story the gulf coast starts to clean up from a deadly hurricane that would be harvey a crucial east coast fuel pipeline shut down by the storm is set to reopen by this weekend. and jobs in america. investors in wait and see mode ahead of the big employment report and the summer of stocks the dow and s&p with on a five-month winning streak. it's friday, september 1, 2017 "worldwide exchange" begins right now. ♪